TEM

Salvacion, E. Aguinid, C. Nuñeza, C.

BUSINESS
RESOURCES AND
IDEAS FOR AN
ENTREPRENEUR

Module 1: Lesson 4
Lesson Objectives:
At the end of this lesson , you will be able to:

• Know about the business resources and ideas for an

entrepreneur.
• Explore the application of entrepreneurship ideas in
action.
Essential Entrepreneur Resources
There are plenty of resources out there so many, in fact, that
you might have trouble sorting through them all. We cut
through the clutter, selecting multiple essential resources for
startup small-business owners.

Factors that influence Entrepreneurship

Entrepreneurial efforts are like biological experiments in nature: Many variations
• Entrepreneurial efforts are like biological experiments in nature: Many
are tried,
variations arebut only
tried, small
but only percentages
small of those
percentages of those go on go on to thrive. You, however, have an
to thrive.
advantage overannature.
You, however, have advantageAsover
annature.
entrepreneur, you can
As an entrepreneur, you set up your experiment with
can set up your experiment
forethought. with forethought.
Entrepreneurs Entrepreneurs
work under work under of their environment
the constraints
the constraints of their environment the political economy.
the political economy.
 • Creativity

Five factors will • Leadership

be key to
entrepreneurial • Risk tolerance
success:
• Responsiveness

• Rights
 ▪ The most basic way to leverage your
resources is through your marketing. While
social media captures a lot of attention, do not
Entrepreneurs neglect other resources. Determine what your

Control customers and prospects want and focus your

marketing toward that end. Develop a mission
Resources statement that expresses your vision and
values. Promote the vision with the most
appropriate media that will capture the
attention of your target market.
 ▪ Begin with a Business Concept statement For
entrepreneurs, it is often easier to come up with a
variety of ideas for new businesses and more difficult
to actually implement those concepts. A business
concept is a bridge between an idea and a business
Turn an Idea plan. If focuses one's thinking so that
into a startup: the entrepreneur can identify the specifics of his/her.
Converting an idea into a business concept requires
thinking about how the product or service will be
sold and who will buy it the benefits of the product or
service, how it is differentiated from similar ones, and
methods of delivery.
The entrepreneur should answer the following
questions:

• What is my product/service?
• What does my product/service do?
• How it is different or better than other
products/services?
• Who will buy the product/service?
• Why will they buy the product/service
• How will the product/service be
promoted and sold/offered?
• Who are my competitors?